2025年基金四季报1月22日披露完毕。 天相投顾数据显示，截至2025年年底，全市场公募基金资产净值（含估算基金）合计超过37.64万亿 元，规模续创历史新高。主动权益基金前十大重仓股分别为中际旭创、新易盛、宁德时代、腾讯控股、 紫金矿业、阿里巴巴-W、寒武纪-U、立讯精密、贵州茅台、东山精密。 2025年四季度，尽管A股市场整体呈现震荡态势，但是指数基金规模的持续增长为A股市场带来源源不 断的增量资金。权益类基金整体维持较高仓位，部分基金在四季度继续加仓。 从仓位分布看，据兴业证券统计，主动权益基金2025年四季度末的仓位虽然比三季度末下降，但仍处于 历史第二高水平。 分行业看，据国信证券统计，在2025年四季报披露的持仓中，主动权益基金加仓居前的三个行业为有色 金属、基础化工、非银金融，分别加仓1.22、1.13、0.81个百分点；计算机、传媒、国防军工行业减仓 居前，分别减仓1.34、0.98、0.75个百分点。 去年四季度，基金加仓大周期板块，权重仅次于科技类板块。 多位基金经理表示，展望2026年，对资本市场整体环境保持相对乐观判断。基金经理对科技产业与大周 期板块的配置仍有分歧。 鹏华基金基金经 ...

Core Viewpoint - The AI Fund ICBC Core Opportunity Mixed A (013341) reported a profit of 33.07 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.0748 yuan, and a net value growth rate of 12.17% during the reporting period [3] Fund Performance - As of September 3, the fund's unit net value was 0.846 yuan, with a one-year cumulative net value growth rate of 56.89%, the highest among its peers [3] - The fund's performance over the past three months showed a growth rate of 24.94%, ranking 194 out of 607 comparable funds, while the six-month growth rate was 37.94%, ranking 66 out of 607 [6] Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 11.27 times, significantly lower than the peer average of 33.74 times [12] - The weighted average price-to-book (P/B) ratio was about 0.93 times, compared to the peer average of 2.47 times, and the weighted average price-to-sales (P/S) ratio was approximately 0.55 times, against a peer average of 2.07 times [12] Growth Metrics - For the first half of 2025, the fund's weighted revenue growth rate was 0.02%, and the weighted net profit growth rate was 0.32%, with a weighted annualized return on equity of 0.08% [18] Fund Composition and Strategy - As of June 30, 2025, the fund had a total of 5,855 holders, with a total of 419 million shares held, where individual investors accounted for 96.47% of the holdings [34] - The fund's top ten holdings included companies such as Zhaojin Mining, China National Offshore Oil, and Shandong Gold, with a high concentration rate exceeding 60% for the past two years [39]